Here’s something you would have heard me say often in one of the 23 cohorts of the Goldman Sachs 10,000 Small Businesses programs I’ve helped facilitate over the last eight years:
How do you tell the difference between a good idea for a new product or service and a great innovative idea? Answer these five questions to find out:
- What customer pain is this new idea intended to solve, or at least deal with?
- What new market or customer will this new idea target?
- How does this new idea build upon your current competitive advantages?
- Why do you think this will be profitable enough to generate an acceptable ROI?
- How does this new idea resonate with your own personal goals, skill sets and passions?
Your answers will tell you if you have a great idea for an innovative product or service. You can add this to your growing ‘Best of Phil’ list.